Has there been a change in the search volume in your sector? If so, has this affected your search advertising strategy? The answer to the first question is probably not to be found in your Google Ads data, as the number of times your ads show may not follow the number of searches that closely. Different advertisers will be running their campaigns in different ways, including automated bidding to ensure budgets are spent – and it’s the competition that determines how many impressions you get as much as the number of searches.
Instead, have a look at what’s happening using Search Console. For most of the industrial and scientific businesses I work with (although not all), searches have been at a reduced level for the past 6 months. This should mean that your search advertising should have been adjusting to cope, depending on the desired outcome. Have you needed the campaigns to maintain previous enquiry levels? With fewer searches, that could mean an increased budget. If that’s not possible, maybe it’s time to rein in the more speculative searches and concentrate on the exact match winners. It’s your call, but doing nothing when any market changes is not a good strategy.